Pritchard Capital Partners Initiates Coverage on Devon Energy

According to a research report, Pritchard Capital Partners initiates a Buy rating and PT of $83 PT on the underappreciated oil drilling company, Devon Energy (NYSE: DVN).

Pritchard Capital Partners explained, “Although a consistently successful operator in many basins, a large percentage of DVN revenues come from lower value assets. While Permian Basin (PB) drilling provides a foundation for improvement, New Ventures success could significantly increase higher value black oil production in future years and provides over 120 individual drilling catalysts in 2012.”

Devon Energy closed yesterday at $64.35.